Oracle Credit Ltd.
|BSE: 539598||Sector: Financials|
|NSE: N.A.||ISIN Code: INE727C01016|
|BSE 15:21 | 06 Sep||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
|BSE: 539598||Sector: Financials|
|NSE: N.A.||ISIN Code: INE727C01016|
|BSE 15:21 | 06 Sep||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
THE MEMBERS OF
ORACLE CREDIT LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of ORACLE CREDIT LIMITED("the Company")which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors are responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.
The responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidences about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and operating effectiveness of such controls. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the management as well as evaluating the overallpresentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 its profit/loss and its cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by section 143(3) of the Act we report that:
a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.
c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.
d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
e) On the basis of written representations received from the Directors as on 31stMarch2017 taken on record by the Board of Directors none of the Directors is disqualified ason March 31 2017 from being appointed as a director in terms of sub section (2) of theSection 164 of the Companies Act 2013.
f) With respect to the adequacy of the internal financial control over financialreporting of the Company and operating effectiveness of such controls refer to ourseparate report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of Company's internal financial controls overfinancial reporting.
g) With respect to others matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financialposition.
ii. The Company does not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
iv. The Company has provided requisite disclosure in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016. Based on audit procedure and relying onthe management representation we report that the disclosures are in accordance with booksof account maintained by the Company and produced to us by the management.
2. As required by the companies (Auditor's Report) order 2016 ("the order")issued by the Central Government in terms of section 143(11) of the Act we give in"Annexure B" a statement on the matter specified in paragraphs 3 and 4 of theorder.
ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1(f) under Report on Other Legal and RegulatoryRequirements' of our Audit report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofsub-section 3 of section 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of ORACLECREDIT LIMITED ("the Company") as on March 31 2017 in conjunction with ouraudit of the financial statements of the
Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal controls over financials reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India.These responsibilities include design implementation and maintenance of adequate internalfinancial control that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and error the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
Inherent Limitation of Internal Financials Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.
ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 2 under Report on Other Legal and RegulatoryRequirements' section of our report of even date)
(i) a) According to the information and explanation given to us the Company hasmaintained proper records showing full particulars including quantitative details andsituation of the fixed assets;
b) As explained to us all the assets have been physically verified by the managementat regular interval. As informed to us no material discrepancies were noticed on suchverification.
c) The Company does not hold any Immovable properties in its name. Therefore reportingunder this clause is not applicable
(ii) a) The inventory has been physically verified during the year by management. Inour opinion the frequency of verification is reasonable.
b) The Company is maintaining proper records of inventory. The discrepancies noticed onverification between the physical records and the book records were not material.
(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnership or other parties covered in the Register maintained underSection 189 of the Companies Act 2013. Accordingly the provision of clause (iii)(a) (b)and (c) of the Companies (Auditor's Report) Order 2016 are not applicable to the Company.
(iv) In our opinion and according to the information and explanation given tous the Company has complied with the provision of section 185 and 186 of the CompaniesAct 2013 in respect of grant of loans making investment and providing guarantees andsecurities as applicable.
(v) According to the information and explanation given to us the Company has notaccepted any deposit during the year and no order in this respect has been passed by theCompany Law Board or National Company Law Tribunal or the Reserve Bank of India or anycourt or any other Tribunals.
(vi) According to the information and explanation given to us government hasnot prescribed maintenance of cost records under sub section (1) of Section 148 of theCompanies Act 2013 for the products of the Company (as the Company is primarily engagedin rendering financial services).
vii) According to the information and explanation given to us in respect of statutorydues:
a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund employees state insurance Investor Education and ProtectionFund Income- tax Tax deducted at sources Tax collected at source Professional TaxSales Tax value added tax Wealth Tax Service Tax Custom Duty Excise Duty Cess andother statutory dues with the appropriate authorities. There are no arrears of outstandingstatutory dues as at the last day of the financial year concerned for a period of morethan six months from the date they became payable.
Further since the Central Government has till date not prescribed the amount of cesspayable under section 441A of the Companies Act 1956 we are not in a position to commentthe regularity or otherwise of the Company in depositing the same.
b) According to the information and explanations given to us there are no dues onaccount of Income-tax or Wealth Tax or Custom Duty or Excise Duty or sales tax or VAT orCess which have not been deposited on account of any dispute.
c) According to the information and explanations given to us there is no amount whichis required to be transferred to investor education and protection fund in accordance withthe relevant provisions of the Companies Act 1956 (1 of 1956) or the Companies Act2013(18 of 2013) and the rules made there under.
viii) In Our Opinion and according to the information given to us the Company has nottaken any loan from government and financial institution. Therefore reporting under thisclause is not applicable.
ix) In Our Opinion and according to the information and explanation given to us themoney raised by way of the term loan and debenture have been applied by the Company duringthe year for the purpose for which they were raised other than temporary deploymentpending application of proceeds. The Company has not raised money by the way of initialpublic offer/further public offer (including debt instrument).
x) To the best of our knowledge and according to the information and explanation givento us no fraud by the Company and no material fraud on the Company by its officers oremployees has been noticed or reported during year.
xi) In Our Opinion and according to the information and explanation given to us theCompany has paid /provided managerial remuneration in accordance with the requisiteapprovals mandated by the provision of Section 197 read with Schedule V to the Act.
xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theorder is not applicable.
xiii) In our opinion and according to the information and explanation given to us theCompany is in the compliance with section 188 and 177 of the Act where applicable forall the transaction with the related parties and the details of the related partytransaction have been disclosed in financial statement etc. as required by the applicableaccounting standard.
xiv) During the year the Company has not made any preferential allotment or privateplacement of share and/ or fully or partly convertible debenture and hence reporting underclause 3(xiv) of the order is not applicable to the Company.
xv) In our opinion and according to the information and explanation given to us duringthe year the Company has not entered into any non-cash transaction with its Directors orpersons connected with him and hence provision of section 192 of the Act are notapplicable.
xvi) The Company is required to be registered under section 45-IA of the Reserve Bankof India Act 1934 and it has obtained the registration.